Importance of Management are as follow: (i) Management helps in achieving group goals: Management creates teams and coordinates with individuals to achieve individual goals along with organisational goals. (ii) Increases efficiency: Management increases efficiency by using resources in the best possible manner to reduce cost and increase productivity. (iii) Creates dynamic organisation: Management helps the employees to overcome their resistance to change and adapt as per changing situation to ensure its survival, growth and its competitive edge. (iv) Achieving personal objectives: Through motivation and leadership management helps the individuals in achieving personal goals while working towards organisational objective. (v) Development of society: Management helps in the development of society by producing good quality products, creating employment opportunities and adopting new technologies.